Starting Out Day Trading!

[Starting Out Day Trading!]

Sorry....for the delay getting back. Once again "life" got in the way!. Well you're not far away at all then!. I grew up in Geelong...great area.

We have a self managed superfund so l did a bit of swing trading during Covid on the US market and made some money....have some stock in the Aus market but not enough volatility to really do much.

Hence why l want to get into the Day Trading. Yes...Andrew does make it look so easy. Mind you he makes losing look easy too!!. I opened an IB account also...but it's just been sitting there. 

I am I the process of working out which trading strategy l like. Was watching a Mike B presentation this week and he suggests just trying anything and everything on the simulator and seeing what works and what doesn't. I want all this sorted before l join the Bootcamp.

I really like the look of the 9/20 one and the Mountain Pass. But as they say...what l like and what "works" for me could be 2 different things.

We have our own business (caravan sales) so l get quite busy with that which leaves only the evenings to learn. But l will get there. Hubby is about 3/4 years from retiring so l am "hoping" this will be a source of a bit of spending money for us then and something to keep my brain active.

I'd be interested in hearing about your strategy. How do you manage to trade and work full time? Any ideas would be greatly appreciated. Do you trade on The Australian market at all. I did see some people say they day trade it....but l can't imagine how it could really work.

Enjoy your weekend. Cheers Sue 

[Starting Out Day Trading!]

On 1/10/2023 at 4:22 PM, Martin D said:

Hi, welcome, I'm also trading from Australia (Melbourne) so tend to trade the first hour or two of the market open till the volatility dies down a bit.

You're a member here so utilize the education center (strategy webinars but I think it's really valuable to watch all Thor's mentorships in there as you'll learn what everyone else is asking and so it'll likely answer a lot of your own questions or questions you didn't even realize you had), the books you've mentioned and can always recommend more if you like reading, also youtube has a lot of useful content if you find the right people (personally I watch BBT, Humbled Trader, SMB capital and Carmine Rosato).

I think initially you want to give different styles a try in SIM and understand what kind of trading style suits you/who's style resonates with you then you can really work on your choice in the bootcamp. When I first started I tried to trade like Andrew because I wanted to be done in the first 10 minutes due to the timezone, it was "easy" during COVID but now trading in the first 5 minutes is very choppy so I had to change approach. Now I'm probably a mix of part of different mods as well as some other stuff I've picked up, that's the beauty of trading there's no one way to do it.

In terms of service, I don't think you really need Trade Ideas, there's free scanners in trading terminal (run by BBT) and also the chatroom here  will give you a good place to start everyday. Yeah most people here use DAS so if you go along with that then DAS for Sim and also the replay function in there, BBT have a free replay but personally I use the DAS one because it's the platform I'm trading in so it keeps everything familiar. TraderVue is a personal choice, I personally just use Microsoft Excel because I use it all the time at work so I can analyze anything I want to in there easily. I think there's some Excel journal templates floating around on here somewhere if you want to keep the costs down.

Happy to answer any other questions if I can.

Hi Martin D, thanks for the message. Nice to have a "local" on here...! I am in Warragul, Gippsland. Yes l have been watching Thors sessions....and trying to tune in live to the 8pm USA ET sessions given there at lunchtime here. I have also been watching the different Mods with their individual strategies....and l have a couple l am really interested in trying. But as l am reading people keep saying even though l may like a strategy...I may not be good at it nor may it work for me. So l have started a book on what l like...then l will focus on one at a time and sign up for the DAS sim....as l agree..prefer to get used to one trading system, and try out my strategies. How long have you been trading/been a member of BBT?

Once again...thanks so much for reaching out. Maybe when l am no longer a REAL newbie...we maybe able to discuss some of the positives/negatives of trading from the other side of the world.!! 

[Starting Out Day Trading!]

Newbie here so please excuse the "dumb"questions..! Joined BBT about 3 years ago...life got in the way but this year l am focused and determined to do this...! SO i am currently re-reading Andrews beginners day trading book, finished reading Mike B's psychology book and bought Thors to read next. Am going to do the May bootcamp so want to get as much experience/knowledge behind me so l can really make the most of the bootcamp.  I am in Australia so try and tune in early morning when l can (i still work) to the afternoon sessions and plan to join in as many of the sessions at 8pm. I already have an IB account which l played with 3 years ago. I got a New Year special for Trade Ideas so have joined that for 12 months. So my question is do l need to now Join DAS Pro and TraderVue....or will l be doubling up on services somewhere along the line. Seems there are so many systems and because l am new l don't know if l need all or just a couple. I am only planning on SIM trading until l do the bootcamp so that will give me a good 5 months practice. Thanks for any advice....my poor brain is swimming at the moment,

[Introduce Yourself!]

Hi Bear Bull Traders,

‘I am from Melbourne Australia. Found Andrews books on Amazon and am almost through the first one so decided to join.

i have always been interested in the share market and while hubby and l have a few “Blue Chip - long term shares” l have always wanted to learn more about day trading and try my hand at it. I love the idea of using the simulator so my plan is to learn and practice as much as l can from now until the new year before diving in to spending “our real money”! We are semi retired so l now have more time on my hands, and since we like to travel trading is something we can still do from anywhere in the world provided we have internet access! I am keen to learn all the terms and strategies....some sound so confusing at the moment but l am sure l will get the hang of it. Would be great to chat with anyone who lives in Australia or trades in the ASX (Australian stock market) as whilst we already have some USA stocks and a trading account the time difference will be a bit difficult at times. 

Looking forward to learning lots....but please be patient with me 

Cheers

Sue Waghorn (leilajake)